I am looking to open a bank account for 3 persons, with equal control, with direct debit capacity and low fees. I’m finding it difficult to see one for more than 2 persons. Any suggestions please? TIA.
Hi everyone. I have a joint account for my wife and I. I want to add my 2 children to it so that there are 4 people on the account OR I want to set up an account with 4 signatories on it - me, my wife, my 2 children. (yeah yeah, i'm taking a risk in that my kids love me and the wife and...
Legally, there's nothing to stop a bank opening an account for any number of joint accountholders. And it's something they do regularly for business partnerships.
If they're reluctant to do this for the OP, this may have something to do with the context in which, or purpose for which, the OP wants to open/operate the account. But we can't really say anything intelligent about that unless the OP is a bit more forthcoming about why he wants do to this, what the relationship between the three intended accountholders is, and what the account will be used for.
And I am asking what exactly is the situation that needs a bank account with three signatories.
There may be other ways to solve your problem that don’t involve a product that doesn’t seem to exist.
My guess (and it’s only a guess) is that these kind of accounts are far more likely to involve disputes between account holders. Banks also have to do their due diligence on all account holders individually and this kind of account presents more money laundering risk. So my guess is that there is too much risk for the bank for zero extra reward.
AIB state you need to go into your local branch for opening such an account and I would imagine that if they allow it, they will want to know exactly why it is needed. There are other ways to manage a financial situation such as POA which don't require more then 3 people. There are risks here to the bank which other posters have pointed out.